India’s second most populous state aims to register real estate electronically on the blockchain.
India’s Second Largest State Starts Using Blockchain Technology in Land Registry Transactions
The Maharashtra state government of India wants to enable electronic registration of newly purchased real estate, increasing consumer confidence.
For this purpose, steps are taken to guarantee the confidentiality of the data related to the purchased real estate.
Land Registry and Duty Department Inspector Shravan Hardikar said at a press conference in Mumbai today that the agency will use blockchain technology to prevent the copying of real estate sales documents.
Shravan Hardikar said that the most important use of blockchain technology is to prevent the copying and modification of records that take place on an online platform.
According to Hardikar, this will protect the interests of lenders as well as real estate buyers.
Maharashtra became the first state to allow e-recording of real estate purchases and sales.
The e-deed service was created during the Covid-19 pandemic, when it was important to maintain social distancing and it was difficult to visit the registry office.
Within the scope of online real estate registration, the application of the procedure up to the document registration can be done online.
Thus, residential buyers do not need to go to the title deed centers for stamp duty and registration.
Hardikar states that with the smooth online registration process, all such transactions will be online in the coming years.
The administration is also said to be considering eliminating the requirement to have witnesses during registration.
On the other hand, in August, the Maharashtra State Skills Development Board (MSBSD) launched its LegitDoc platform to ensure the highest level of data protection, privacy, openness and cost savings. polygon (MATIC) distributed nearly 100,000 verified digital certificates linked to the blockchain.
*Not investment advice.
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